This is a vicious circle that, over time, will only exclude more people from financial advice and, significantly, will exclude those people likely to benefit from it most.
For mid and large-sized companies, at a time when the ever-increasing need for digital advances, and the creation of innovative solutions to support intergenerational wealth transfers and talent and skills development requires significant investment, the size of the fee severely impacts innovation.
In the coming year you will see more in these areas as Pimfa focuses on the sector’s future and issues such as the impact of Brexit, ethical investing, digital transformation, diversity and inclusion and talent.
As ever, there is much to do.
Liz Field is chief executive of Pimfa